AXA Real Estate buys in Italy, Spain for €114m

AXA Real Estate Investment Managers has completed the acquisition of two separate assets in southern Europe, located in Madrid and Rome, for a total of €114 mln on behalf of AXA Selectiv’ Immo, a French real estate investment fund.

The total sum comprises 100% of the Via Paolo di Dono 223 office property in Rome and a 50% stake in the Gran Via 37 retail asset in Madrid, which was acquired in a joint venture.

The two acquisitions mark the third time in the last 12 months that AXA Selectiv’ Immo has invested outside of France, in line with its core strategy to acquire diverse assets across the European market, including office, retail, logistics, hotels and healthcare property.

Via Paolo di Dono 223 is a fully let, 16,580 m2 property which underwent a €10 mln renovation in 2009 to upgrade both its interior and exterior. The seven-storey building also includes two basement levels, offering parking for 220 cars. It is centrally located in Rome’s main business district.

Gran Via 37 is a 4,134 m2 retail asset in Madrid which was acquired as part of a 50-50 joint venture between AXA Selectiv’ Immo and a French pension fund. Located on Gran Via, Madrid’s most sought-after shopping street, the asset is currently fully occupied by a Swedish fashion group on a long lease. The property comprises five storeys and has an energy performance certificate of B.

'Having been a first mover back into the southern European markets of Italy and Spain in mid-2013, these acquisitions are perfectly illustrative of AXA Real Estate’s continued ability to utilise its strong local presence to acquire high quality, well located assets in these markets on behalf of funds such as AXA Selectiv’ Immo,' commented Nathalie Charles, regional head of asset management and transactions for southern Europe at AXA Real Estate.